Term life insurance policy: The most basic life insurance that can be purchased. Term life insurance offers just pure death benefit protection only, without any cash value build ups within the policy. Because of this reason term life insurance is very affordable. Customers can purchase certain lengths of time, such as ten years, 15 years, 20 years, 25 years, 30 years, and in some cases, even longer. When purchasing this kind of policy, the amount of the premium will remain the same throughout the period that the policy is in force.
Increasing and decreasing term insurance: On some term life insurance, the death benefit will go down over time. These are known as decreasing term life insurance policies. Meaning, the policy ends when the death benefit reaches zero. There are also term policies where the death benefit increases over time. A young parent may consider this type of policy as their coverage needs increase.
Convertible term insurance: enables policyholders to convert their policy into a whole life policy if they want to.
Renewable term insurance: policyholders have the option to renew their life cover when the policy term finishes without the need for a health review.
Joint life insurance: If you are married or have joint financial records with a partner you may want joint life insurance. But, there is only one pay out when one of the policyholders dies, which means the policy will end.
Permanent life insurance coverage: This plan offers both death benefit protection, as well as a cash value component. It also differs because, as the name suggests, it does not have a time limit like term insurance, but rather is intended to last for the remainder of the insured's lifetime – provided that the premium is paid.
Whole life insurance: The simplest type of permanent life insurance coverage is whole life. With this type of coverage, the premium amount is locked in and will remain the same throughout the entire lifetime of the policy.
Return-of-Premium (ROP) Life Insurance: ROP life insurance is term insurance that returns either a portion or all of the premiums paid at the end of the term if the insured is alive.
Cosmo Insurance Agency is knowledgeable in various options including but not limited to – term, ROP, permanent and whole - from over two dozen A rated carriers. We are familiar with the rate classifications that particular carriers use to determine the health class of enrollees – and there are significant differences between them. No matter what the results of your medical examination are, we will find the insurer that will provide you will the best rating class and thus the lowest premiums.